Re:The first Bitcoin Cash block has been mined
by AgentME on Wednesday August 02, 2017 @04:48AM
(#14908957)
A 51% attack can reliably undo any number of confirmations.
Re:The first Bitcoin Cash block has been mined
by stale2002 on Wednesday August 02, 2017 @02:00PM
(#14913020)
It is not as easy as that would suggest.
Sure, you can build a longer blockchain, but nothing forces other people to accept that blockchain.
IE, people can checkpoint the chain.
Also, if 51% attacks consistently started to happen, that would cause the price if that chain to plummet to 0.
There is no point stealing money that is worth 0.
Re:The first Bitcoin Cash block has been mined
by AgentME on Wednesday August 02, 2017 @04:40PM
(#14914389)
A 51% attack could be done by someone who hopes to dump their gains before the market reacts, or it could be done by someone who wants to see the value go to zero. Bitcoin Cash could start checkpointing itself, but at that point it'd be centralized and you're right that its value would probably go to zero.
Exchanges can quite easily protect themselves.
All they have to do is increase the confirmation time before they "accept" coins.
The longer you wait, the more secure your coins are. I would suspect that a day is easily enough time to be confident that a double spend won't happen.